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Extend Post-FOMC Sell-Off

US TSYS
Tsys weaker, adding to Wed's post-FOMC action after Chairman Powell's hawkish rebuttal to the expected 75bp rate hike. Markets back to pricing in an unprecedented fifth 75bp hike in December.
  • Bonds extended lows as Fed Chairman Powell discusses the risk of entrenched inflation and not hiking enough to get it under control. Follow-up comment "It's very premature in my view to be thinking about or talking about pausing our rate hike. We have a ways to go" spurring rate sell-off.
  • Yield curves flatter, mid-Oct levels (2s10s -54.817 overnight low), stocks weaker (ESZ2 -21.5 at 3747.25), USD gaining.
  • Next up, markets anticipating 75bp hike from the BoE at 0800ET that includes release of the Monetary Policy Report.
  • Flurry of US Data kicks off at 0830ET w/ weekly claims (220k est), Unit Labor Costs (4.0% est); S&P PMIs at 0945ET, Durable Goods orders (0.4% est) at 1000.
  • Main focus on Fri's employment read for October: +200k estimated vs. +263k prior.
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